Tag: CBN

Nigeria’s external reserves drop by $21.8m in 6 days, as CBN moves to meet forex demands

Aminu Imam

Nigerian external reserves dropped to $40.49billion following the withdrawal of $21.8million from the reserves by the Central Bank of Nigeria, (CBN), earlier in the week. Data obtained from the CBN website yesterday revealed that country’s foreign reserves dropped from $40.52 billion on December 31, 2021, to $40.49 billion by January 6, 2022. It added that the apex bank withdrew the $21.8million to meet forex demands from manufacturers, importers, travellers, and students studying abroad. Recall that the nation’s external reserves hit a three-year high of $42 billion in October last year.…

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Nigeria’s foreign reserve gains $5.15bn in 2021, hits $40.52bn

Aminu Imam

The nation’s external reserves have risen by $5.15 billion in 2021, to close at $40.52 billion as of 31st December 2021, representing a 14.5% increase when compared to $35.37 billion recorded as of the end of the previous year. This is according to data obtained from the daily tracker of the Central Bank of Nigeria, (CBN). The gain recorded in the country’s reserve level is majorly attributed to the $4 billion Eurobond, secured by the Federal Government in September, which saw the reserve surpass $41 billion in October 2021. Nigeria…

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Forex: Bureau De Change operators urge CBN to lift ban

Aminu Imam

The Association of Bureaux De Change Operators of Nigeria, (ABCON), has urged the Central Bank of Nigeria, (CBN), to reconsider the ban to allow BDC operators receive Diaspora remittances in 2022. This was disclosed in a statement released at the weekend, signed by ABCON President, Alhaji (Dr.) Aminu Gwadabe. According to him, the BDC industry’s yearly transaction volume of over N1 trillion is in jeopardy, while enormous capital investment in the sector is becoming obsolete, eroding, and winding down. Gwadabe suggested that, just as the CBN de-risked the agricultural sector,…

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Xola Collective: CBN has changed the narrative in Nigeria’s agricultural landscape

Aminu Imam

A non-profit, non-partisan think tank organisation, Xola Collective, has commended the Central Bank of Nigeria (CBN) for its intervention programmes. The group, in a statement issued over the weekend, added that policies and interventions have consistently contributed to the country’s agricultural landscape, thereby changing its narrative. The think-tank group listed the first-ever rain-fed wheat programme, Anchor Borrowers’ programme, Tertiary Institutions Entrepreneurship Scheme (TIES), as some of the apex bank’s policies. Recall that earlier in 2021, the CBN flagged-off the first-ever rain-fed wheat programme in the country, seeking to slash the…

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CBN disburses N5.7bn to 10,000 farmers in Bauchi for wheat farming

Aminu Imam

…Threatens to arrest farmers who fail to repay loans The Central Bank of Nigeria, (CBN) has disbursed N5.7 billion to farmers in Bauchi to aid them during the dry season cultivation of wheat. This was disclosed by the CBN Comptroller, Bauchi branch, Saladu Idris, at the Secretariat of the Nigerian Union of Journalists, (NUJ) According to the apex bank, dry season farming is a rather simple process. However, the CBN has noticed that many of Nigeria’s flour mills have gone out of business and that overall output has slowed. Idris…

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Banks notify customers as CBN commence sale of forex online

Aminu Imam

In compliance with the directive of the Central Bank of Nigeria, (CBN), banks have started issuing notices to their customers regarding the automation of Form ‘NCX’ for ‘invisibles’ transactions by the regulator. The CBN, in a circular dated Nov. 29, 2021, informed all authorised dealers, Nigerian Customs Service, Shipping lines and airlines, National Museum and Monuments and the general public, of the deployment of e-form ‘NCX’. The circular, signed by the CBN’s Director, Trade and Exchange, Ozoemena Nnaji, said the e-Form ‘NCX’ shall replace the hard copy of Form ‘NCX’…

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MTN, Airtel get CBN’s approval-in-principle to operate payment service banks

Aminu Imam

The Central Bank of Nigeria, (CBN), has granted approval in principle to MTN and Airtel to operate payment service bank, (PSB), across the country, aimed at further deepening financial inclusion in the country. The apex bank had since communicated the approval to both telecoms operators. Announcing the approval, MTN in an issued statement yesterday, signed by the Company’s Secretary, Uto Ukpanah, said: “MTN Nigeria Communications Plc (MTN Nigeria) as promoter, received an Approval-in-Principle (AIP) dated 4th November, 2021 from the Central Bank of Nigeria (CBN) for a licence application for…

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Buhari to unveil e-Naira tomorrow

Aminu Imam

President Muhammadu Buhari will formally unveil the Nigerian Central Bank Digital Currency, (CBDC), known as the eNaira, at the State House, Abuja, tomorrow. According to a statement by the Central Bank of Nigeria, (CBN), the digital currency was coming after detailed research, spanning many years. It said, “the launch of the eNaira is a culmination of several years of research work by the CBN in advancing the boundaries of the payments system in order to make financial transactions easier and seamless for every stratum of the society. “Following a series…

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Lawmaker Obanikoro wants domiciliary accounts of Nigerians shut down to save Naira

Aminu Imam

A House of Representatives member, Babajide Obanikoro, has suggested the shutdown of domiciliary accounts holding foreign currencies for Nigerians in order to protect the value of the nation’s currency, the Naira. The value of Nigeria’s naira has alarmingly declined over the past few years and is currently trading at well over N500 per dollar in parallel markets. Obanikoro in a tweet on Tuesday, stated that closing the domiciliary accounts belonging to regular Nigerians will fix the sliding value problem. “I am not the CBN Governor, but at this moment, I…

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Stabilize Naira’s Free Fall Urgently – PGF DG Tasks CBN

Ishaku Yohanna

Godwin Amunde The Director-General of the Progressive Governors Forum (PGF)- the umbrella body of Nigerian Governors elected on the platform of the ruling All Progressives Congress (APC) - Dr. Salisu Mohd Lukman,  has asked the Central Bank of Nigeria (CBN) to urgently and expeditiously stablize the Naira exchange rate to the Dollar. The PGF DG noted that the Naira had lost over 200% of its value in the six years of the present administration, falling to N570 to a dollar in recent weeks from N158 a Dollar left by the Goodluck Jonathan…

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